https://www.taxtmi.com/caselaws?id=237332 The Tribunal dismissed the revenue's appeal regarding the disallowance of Rs. 30,31,212 under Section 14-A of the Income Tax Act, 1961 read with Rule 8-D for assessment years 2007-08, 2008-09, and 2009-10. It held that the assessee was not required to prove the absence of expenditure to escape the application of Section 14-A. The Tribunal emphasized the necessity of evidence of actual expenditure incurred by the assessee to justify any disallowance against exempt income, citing a precedent involving Hero Cycles Limited. The judgment clarified the criteria for determining the disallowance of expenses related to exempt income under Section 14-A and Rule 8-D. en-us Tue, 03 Sep 2013 00:00:00 +0530 Mon, 07 Apr 2014 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237332 The Tribunal dismissed the revenue's appeal regarding the disallowance of Rs. 30,31,212 under Section 14-A of the Income Tax Act, 1961 read with Rule 8-D for assessment years 2007-08, 2008-09, and 2009-10. It held that the assessee was not required to prove the absence of expenditure to escape the application of Section 14-A. The Tribunal emphasized the necessity of evidence of actual expenditure incurred by the assessee to justify any disallowance against exempt income, citing a precedent involving Hero Cycles Limited. The judgment clarified the criteria for determining the disallowance of expenses related to exempt income under Section 14-A and Rule 8-D. Case-Laws Income Tax Tue, 03 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237332